Car insurance is a necessary expense for many people, and there are a variety of ways to save on this household cost once you know what it takes. To get started, gather your personal information, determine your budget and then consider the insurance coverage that you think will best safeguard you and your lifestyle.
Here are 10 ways to save on your car insurance:
1. Gather Specifics About Your Car and Its Primary Drivers One way to begin the process of shopping for car insurance to get the most value for your money is to gather all of the information an insurance carrier needs to offer you the best possible rate.1 Start by compiling this basic information before you shop for quotes:
With this information, an insurance carrier can suggest the best coverage and rates for you and your lifestyle.
2. Research How Much Car Insurance Costs Before You Buy or Lease When you buy or lease a car, it can be tempting to get a brand-new car or trade in your practical family vehicle for a sports car. Just keep in mind that the type of car you drive may impact your insurance coverage and rate. Be sure to check the cost of insurance before you finalize your car purchase or lease. Insurance rates may vary widely depending on the type of car, repair costs, safety record and many other subjective points.
3. Research All Car Insurance Coverage Requirements Each state has specific requirements for car insurance coverage.3 Coverage may become more complicated when a financial institution owns the vehicle you drive, so if you’re taking out a loan to make the car purchase, keep in mind that the lender may require you to have specific insurance that might otherwise be optional. One example is collision insurance that pays for the repairs of damage to your car sustained during an accident. Another example is comprehensive coverage, which typically covers the loss of the car for theft, fire and other damage due to non-accidents. Find out what coverage you need and the cost before you buy or lease.
4. Decide What Additional Coverage You Need It may seem counter-intuitive but buying additional car insurance coverage may save you money. Weighing the options for additional coverage will help you to ensure you are well protected. Consider how your finances might be impacted if you're involved in an accident, and the injuries or damages exceed the amount covered by insurance. You purchase car insurance to help protect against the potential costs of a theft or accident, so be sure to talk to your insurance agent or carrier for professional guidance on the appropriate level of coverage for you.
In addition, there are other coverage options that may save you money. What if your financed car is totaled? Can you afford to pay the entire loan? In this case, you may want to consider GAP insurance, which covers the difference between what your vehicle is currently worth, which is what your standard insurance typically will pay, and the amount you owe on it.
Again, your insurance agent or carrier can help guide you through the available options.
5. Save Money with Accident Forgiveness Having a clean driving record is one thing that typically can help you to qualify for lower premiums. But there are times when even a good driver can have an accident. You may want to consider looking into potential savings through Accident Forgiveness and Minor Violation Forgiveness, if available in your state. These optional features can help you avoid a premium increase following your first covered accident or minor violation. There are also other features that can help provide peace of mind, such as Decreasing Deductible and a Total Loss Deductible Waiver.
Ask your insurance agent about these plans, if you fit the bill as being a responsible driver because of your good driving record. Some carriers – in select states – also offer a program that uses smartphone technology to capture and score driving behavior of drivers covered on your policy, which could result in savings both in your first term and at renewal. It’s another option to explore when you’re a good driver and looking to save on your car insurance.
6. Determine What Car Insurance You May Not Need If you own an older car and are looking to trim your expenses, you may consider dropping collision and comprehensive coverage. You’ll want to consider how much your older car is worth when you consider the cost of your premium including collision and comprehensive coverage. Be sure to also consider your individual driving situation to base your cost-cutting efforts on all the factors that could help you determine if this is a wise choice for you. With an older car, you may be paying premiums that total more than your car's value. Typically, if your car is worth less than 10 times the insurance premium, it may not be cost effective to keep that part of your coverage.
7. Life Cycle Events Can Save Car Insurance Costs is the one ne thing you can count on is that life will sometimes bring changes in your lifestyle and circumstances, so it’s smart to consider how these changes may or could affect your car insurance costs. For example, did your child go away to school? Perhaps there’s a Student Away at School discount you can explore. Did you buy a home? Maybe you can explore a Multi-Policy Discount and get the benefit of bundling your policies. These are some of the events that may help lower your car insurance rate. It’s a good idea to notify your car insurance agent when you have a major life event such as these, to have a conversation to ensure you’ve got the best coverage for your current life needs.
8. Choose the Deductible That Is Right for You Your car insurance deductible is the amount you’ll pay out of pocket before your insurance kicks in. The lower the deductible, the less you’ll pay out of pocket if an accident occurs. Selecting a higher deductible may lower your car insurance premiums.
For example, if you choose a $1,000 deductible and have an accident causing $2,000 in damage, you would pay the first $1,000 of a covered loss before insurance kicks in.
9. Compare Car Insurance Companies and Costs With many things we buy nowadays there are choices. Many of us wouldn't think of buying a product or service without comparing prices, the value you get for your money, and the reputation of the provider. You may want to consider using the same philosophy when you purchase car insurance. Do your homework and then talk to your insurance agent or carrier about what your needs are.
10. Ask Your Agent About Available Discounts It’s a good practice to check in with your insurance agent at least annually to find out if you are eligible for a better car insurance rate. You may receive discounts if you bundle coverage, such as buying insurance for your home and car from the same company. As mentioned earlier, safe driving records and extra safety features on a car may also lower rates. Ask your insurance agent about any new offerings or gaps in your coverage to determine the best coverage for you.
Now that you’ve got some ideas on how to save on your car insurance, you may want to check with your carrier to review your coverage.
Published July 03, 2014 FoxNews.com
Arthur strengthened to a hurricane in the Atlantic Thursday and threatened to give North Carolina a glancing blow on Independence Day, prompting thousands of vacationers and residents to leave parts of the state's popular flood-prone Outer Banks.
The hurricane's maximum sustained winds Thursday morning were 80 mph as the storm's outer bands started to reach southern parts of North Carolina. Hatteras island was under a mandatory evacuation order for visitors and residents, with officials asking an estimated 35,000 people to leave through North Carolina Route 12, the only road on and off the island.
Forecasters expect Arthur to whip past the Outer Banks -- a 200-mile string of narrow barrier islands with about 57,000 permanent residents -- on Friday without making landfall but still bringing rain, heavy winds, storm surge and dangerous rip tides.
Before the storm hit, tourism officials had expected 250,000 people to travel to the Outer Banks for the holiday weekend. Gov. Pat McCrory warned people not to risk their safety by trying to salvage their barbecues and pre-paid beach vacations.
"Don't put your stupid hat on," McCrory said, urging swimmers and surfers to avoid the water regardless of how good the waves might look. McCrory also declared a state of emergency for 25 coastal and adjoining counties.
"Our major goal is to ensure that no lives are lost during this upcoming storm," including those of emergency workers, McCrory said.
The National Hurricane Center predicted Arthur would swipe the North Carolina coast early Friday with winds of up to 85 mph and then be off the coast of New England later in the day, eventually making landfall in Canada's maritime provinces as a tropical storm.
Outer Banks residents and out-of-town visitors who fail to evacuate ahead of the hurricane's expected arrival should prepare for possibly getting stuck for several days without food, water or power, National Hurricane Center forecaster Stacy Steward said Thursday.
"We want the public to take this system very seriously, go ahead and start their preparations because time is beginning to run out," he said.
The first named storm of the Atlantic season prompted a hurricane warning for much of the North Carolina coast. Tropical storm warnings were in effect for coastal areas in South Carolina and Virginia. On the Outer Banks' Ocracoke Island, accessible only by ferry, a voluntary evacuation was under way.
Arthur is centered about 300 miles southwest of Cape Hatteras, North Carolina, and is moving north near 9 mph.
Officials, hotel owners and would-be vacationers as far north as New England were also carefully watching forecasts. The storm was enough of a concern that officials in Boston decided to move the annual Boston Pops July 4th concert and fireworks show up by a day because of potential heavy rain Friday night. And rip tides were a threat as far north as New Jersey.
One of the Outer Banks visitors who planned to leave Thursday was Gary Reinhardt, 63, of Sarasota, Florida.
"I'm worried about the road. It took way too long to get here," he said, a reference to the two-and-a-half hours it took him and his wife, Lori Reinhardt, to get onto the island last Sunday in normal summertime traffic, when no storms were in sight.
Other areas of the Outer Banks were taking a cautious, but still-optimistic approach: No evacuations had been ordered for areas north of Hatteras, including the popular town of Kill Devil Hills, which was the site of the Wright brothers' first controlled, powered airplane flights in December 1903.
Nancy Janitz, 60, of Jacksonville, North Carolina, said she was ready, thanks to technology.
"I have my NOAA radio, and I keep tabs on Twitter and Facebook for updates," she said. "I'm as prepared as I can possibly be."
Forecasters had thought Arthur would reach hurricane status later Thursday, but its increasing strength and a defined eye prompted them to revise the projection late Wednesday, the Miami Herald reported.
The worst of the storm should occur at Cape Hatteras about dawn Friday, with 3 to 5 inches of rain and sustained winds up to 85 mph, said Tony Saavedra, a meteorologist at the National Weather Service. But forecasters said that by later Friday, the effects of Arthur would be past the Outer Banks, with the rest of the weekend salvaged.
In the Myrtle Beach area, the heart of South Carolina's $18 billion tourism industry, Arthur was expected to move in by Thursday night, spinning wind gusts from 40 to 50 mph toward the high-rise hotels and condominiums lining the oceanfront.
Farther south, in Hilton Head Island on the state's southern tip, most were confident would pass well out at sea.
"It will be a sold-out weekend," said Charlie Clark, a spokeswoman for the local Chamber of Commerce. "... We're not getting calls from visitors asking what's up with this storm."
The Associated Press contributed to this report.
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Hurricane Sandy - Anatomy of a Superstorm 2012 (BBC HYD 720p)
Published on Dec 5, 2012
A dramatic minute-by-minute account of the superstorm that brought New York State to its knees. Using satellite imagery, CGI mapping and the powerful personal testimony of those who lived through it, this is a forensic analysis of the meteorological, engineering and human devastation wreaked by Sandy.
For all the latest up to date insurance rates for Cape Cod, MA.
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